There is a possibility of retesting the resistance!
THETA had a range trend during the last week. After the selling pressure, the price of THETA broke the support of the $1 range and pulled back to this resistance, and is still decreasing and moving towards the lower support intended for it. The support is located between $0.765 to $0.590, and if the price hits this area, it can bring a positive reaction. In the daily time frame, we see a correction wave with 38% correction, which considering the price reaction to this range, we can still consider the power of sellers to be higher. Therefore, the minimum we expect is a retest of the previous support level in the range of $0.85.
Also, we can see a range trend in the 4-hour time frame. Before the price continues to fall, there is a possibility of retesting the resistance in the range of $0.95 to $1. Because in the 1-hour time frame, the ascending trend line has broken down, and in the event of divergence, the probability of falling to the supports increases. The additional point is that the current resistance that the price reacted to in the last candles also overlaps with the midline of the descending channel and has great power to push the price back toward the supports.
Also, we can see a range trend in the 4-hour time frame. Before the price continues to fall, there is a possibility of retesting the resistance in the range of $0.95 to $1. Because in the 1-hour time frame, the ascending trend line has broken down, and in the event of divergence, the probability of falling to the supports increases. The additional point is that the current resistance that the price reacted to in the last candles also overlaps with the midline of the descending channel and has great power to push the price back toward the supports.
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